Apollo Tyres today said it has raised up to USD 229 million (around Rs 1,500 crore) via issue of shares to qualified institutional buyers (QIBs).

The company's committee of directors (funds raising) has declared the closure of its equity share issuance to QIBs to raise up to USD 229 million, Apollo Tyres said in a statement.

The tyre maker has allotted 63,025,210 equity shares to QIBs at Rs 238 per share, it added.

"The fund raised through this QIP (qualified institutional placement) would be used for future growth plans of the company and to augment the company's capital base and financial position," Apollo Tyres said.